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Nairaland Forum / Nairaland / General / Politics / IMF Says Nigerian Government Dependent On Expensive Borrowing (10698 Views)
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IMF Says Nigerian Government Dependent On Expensive Borrowing by happney65: 4:33pm On Oct 10, 2019 |
The International Monetary Fund has said that Nigeria’s “over-Optimistic” revenue assumptions has made the government dependent on expensive borrowing from the Central Bank of Nigeria. The IMF stated that plans to increase Value Added Tax and minimum wage would also halt the current deceleration of the country’s inflation rate. A statement by the IMF said, “Over-optimistic revenue projections have led to higher financing needs than initially envisaged, resulting in over-reliance on the expensive borrowing from the central bank to finance the deficit. “Inflation will likely pick up in 2020 following rising minimum wages and a higher VAT rate, despite a tight monetary policy.” In the spending plan for 2020 released by President Muhammadu Buhari, the government intends to increase the present value added tax rate by 50 per cent from its present five per cent. This will force Nigerians to pay more for goods and services, leading to an increase in the rate at which prices will rise in the coming year. While noting that Nigeria’s economy was recovering slowly after a 2016 recession, the IMF stated that bigger deficits make monetary policy complex owing to the government’s reliance on the CBN for funding. http://saharareporters.com/2019/10/10/nigerian-government-dependent-expensive-borrowing-%E2%80%93imf?fbclid=IwAR2XWKauu2Obnnb_mSZvjXxpeShqZiFkJcKsbV38uvhqNng89yMWtakoOdM 4 Likes 1 Share |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by SLAP44: 4:38pm On Oct 10, 2019 |
I have a question. How are herdsmen taxed? 90 Likes 3 Shares |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Racoon(m): 4:40pm On Oct 10, 2019 |
Imagine the clueless government increasing VAT, borrowing to fund budget again.What do you expect from a president that knows nothing but just to mortgage Nigeria into a senseless financial indebtedness. Hope the Economic Advisory Team are really advising this man well and hope he is also listening to them? According to OBJ- "Buhari does not know economics". 61 Likes 3 Shares |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by NwaAmaikpe: 4:46pm On Oct 10, 2019 |
When there is nowhere else to borrow from to foot their unnecessarily outrageous spendings they fall back on the citizens And tax their lives out. From stamp duty charges to higher VATs down to cable and internet taxes. They've speedily reintroded the suspended cashless policy and they'd also soon start charging cash lodgements. This is apart from the intended deployment of new toll gates. This is simply a Next Level of hopelessness for citizens. Because they have nothing to offer them. 104 Likes 8 Shares |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by okeyumez(m): 4:46pm On Oct 10, 2019 |
Nigeria is a consumer nation. We only produce hoodlums who parade themselves as leaders. The followers are even potential criminals No electricity for production No good roads for transportation of goods especially in useless Abia state We have to borrow more money to sustain these legisLOOTERS in National assembly for doing nothing whereas the military and policemen that protects this country earns poor salaries and live in slum. SCRAP Bicameral legislature and adopt unicameral. I weep the the ant of Africa 20 Likes 4 Shares |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Onyekachi419(f): 4:47pm On Oct 10, 2019 |
Another excuse for them to carry out their agenda on increments 3 Likes |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Youthsarise(m): 4:47pm On Oct 10, 2019 |
Tell us something new 1 Like 1 Share |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Tonysmith4sure(m): 4:47pm On Oct 10, 2019 |
Next level govt. |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Abfinest007(m): 4:48pm On Oct 10, 2019 |
If buhari was to be a teacher no student will agree to be taught by him 24 Likes |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by ebuk4real(m): 4:49pm On Oct 10, 2019 |
Believe you me, APC don't know anything about governance, let alone critical thinking/reasoning. To make matters worse, they seem not to have the shame to pay others that can think to think for them. That way, no one will call them the morons they are pretending not to be. Nigeria is just doomed under this APC. That explains why they act like cows... 34 Likes 4 Shares |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Wahala90: 4:50pm On Oct 10, 2019 |
Help Please! 17 Likes 1 Share
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Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by luminouz(m): 4:51pm On Oct 10, 2019 |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Zombiekiller010: 4:51pm On Oct 10, 2019 |
Zombie will boycott this 7 Likes |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by solmusdesigns: 4:52pm On Oct 10, 2019 |
Buharis marriage with IMF is slowly colapsing 6 Likes |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Esejojo: 4:52pm On Oct 10, 2019 |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by NaijaDonCast(m): 4:52pm On Oct 10, 2019 |
Borrowing to foot our Senators bills and peddling continue in the looting spree 4 Likes 2 Shares |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by King44(m): 4:53pm On Oct 10, 2019 |
they insist on going ahead to impose VAT well tough time awaits Nigs 5 Likes |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by sapoyoro(m): 4:55pm On Oct 10, 2019 |
happney65:Tell Buhari he is mad. 3 Likes 2 Shares |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by EzekaUdenee: 4:55pm On Oct 10, 2019 |
[s] solmusdesigns:[/s] |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Jiyke(m): 4:55pm On Oct 10, 2019 |
They wont stop borrowing, that is just the case Failed country |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Pavarottii(m): 4:56pm On Oct 10, 2019 |
Watch out they will look for someone to blame in response of this.. And imf minimum wage has not been implemented ooo 3 Likes |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by khalids: 4:56pm On Oct 10, 2019 |
SLAP44: Oga you have asked a very brilliant question....Considering how the federal republic treats them like the golden calves and are even ready to spend money to ensure they are comfortable.........I hope the FIRS is collecting their full money, they cannot be eating Nigerian grass and not remitting to the Nigeria purse Bros God bless you for this question 15 Likes |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Lagosfinder(m): 4:56pm On Oct 10, 2019 |
This a troubling review of the 2020 national budget |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Nobody: 4:58pm On Oct 10, 2019 |
All economic indices show that Nigeria is in deep economic shit. 1 Like |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Digipro: 4:59pm On Oct 10, 2019 |
Kk |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Nobody: 4:59pm On Oct 10, 2019 |
How can a president with zero understanding of basic economics, who couldn't pass ssce, how can such a man drive a national economic policy? 4 Likes |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Nobody: 5:00pm On Oct 10, 2019 |
King44: And Nigeria will finally collapse. One day, the masses will turn against them. 2 Likes |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by Neekado(m): 5:00pm On Oct 10, 2019 |
SLAP44: You can't find the answer here. Please write to Aso Rock or FIRS. The answer you seek is right there. 2 Likes 1 Share |
Re: IMF Says Nigerian Government Dependent On Expensive Borrowing by 1shortblackboy: 5:00pm On Oct 10, 2019 |
They'll say it's wailers and PDP who can't see a way to loot that have made this statement 4 Likes |
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